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Careful watch on county debt appreciated but no formal action needed

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Star Herald editorial

 
In the past five years Rock County’s debt has grown.
Today the amount totals $11,115,019.29.
At the Sept. 8 Rock County Board meeting, Chairman Ron Boyenga proposed taking on no more debt for the next five years.
Instead of passing the resolution, board members supported the idea instead, making it a possible goal. As a goal to not raise the county’s debt, the action won’t tie commissioners’ hands to future improvements.
Commissioner Jody Reisch summed up the board’s sentiments this way:
“The whole point of us as a board is to collectively help someone who cannot individually get it done.”
We think this is what government is all about, and it shows good fiscal responsibility on the part of elected officials.
So far, current collaborations with the county and outside organizations are providing all Rock County residents with better roads, improved water quality and quantity and high speed Internet where it was previously inaccessible.
On the surface, $11 million is a lot of money to pay back in 10 years.
However, the county’s repayment schedule shows around $200,000 is paid each year through property tax dollars as levied debt.
The four bonds, which include purchase of equipment and the upcoming improvements at the library, total $2.726 million. Rock County properties are valued at $3 billion.
The majority of loan repayment dollars comes from wind production tax credits or through the selling of the service to residents.
Wind production tax credits (estimated at $800,000 a year) are used to repay two of the loans.
Improvement of our roads and bridges is the largest loan on the county’s debt list ($3.650 million) approved in 2014. Half of the wind production credits are used to pay for this loan.
Another portion of the production tax will repay the county’s share of the fiber-to-the-home Internet construction ($1.01 million).
The repayment of these countywide projects is a great benefit to every resident and is a positive way to view our ever-present wind resource.
The county’s other long-term debt obligations ($3.728 million) are collected through special assessments or through the service the agency provides.
Of that amount, Rock County Rural Water is in the midst of a $3.1 million improvement project that will increase pressure and expand usage along its 300 miles of pipeline.
Bonding has been a tool used wisely by our county officials to complete large projects more quickly and efficiently while allowing us to pay for them as they are used.
We appreciate that our county officials have made taking on no additional debt as a goal and not forcing themselves to ignore future opportunities to improve life for residents in Rock County.

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